CAPNOVA

What CAPNOVA does

CAPNOVA A/S is a Danish private limited company (aktieselskab, CVR 14 35 30 89) headquartered at The Kitchen, Universitetsbyen 76, Aarhus C. Founded in 1998 as Østjysk Innovation A/S and renamed in 2019, the firm is now primarily the management company for the Midtjysk Iværksætterfond (MIF), a regional Danish investment fund that allocates risk capital to innovative startup companies primarily from Region Midtjylland, with a stated preference for ventures originating from or connected to the region's knowledge institutions (notably Aarhus University). MIF pursues a syndication-led model, validating and co-investing with business angels and other investors on a per-deal basis.

Historically, CAPNOVA operated from 1998 to 2018 as one of Denmark's state-approved innovation environments, investing risk capital in approximately 300 newly started, knowledge-intensive entrepreneur companies over the scheme's 20-year life. When the state terminated the innovation environment scheme in 2018, CAPNOVA retained a portfolio of roughly 110 companies and was appointed as exit operator to wind that portfolio down between 2019 and 2023, a task completed at the end of 2023. The firm retains two independent direct investments outside the MIF mandate — ResoTher Pharma (anti-inflammatory drug development for post-cardiac-surgery patients) and Clearview Trade — alongside its fund management role.

CAPNOVA earns revenue through management fees on the MIF mandate and, historically, through carried returns and exits on its innovation environment portfolio, which produced notable outcomes including acquisitions of Aros Applied Biotechnology by Eurofins (2013) and HegenbergerSpeculum by Medco Solutions (2022), plus a double-digit million DKK exit from game studio Triband (2020). The firm operates with a small team (11-50 employees) and does not develop or sell technology products; its underlying platform is investment origination, syndication, board participation, and exit execution within the Central Jutland startup ecosystem.

Name

CAPNOVA

Legal name

CAPNOVA A/S

Website

http://capnova.dk

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

CAPNOVA A/S is a Danish private fund management company headquartered in Aarhus that serves as the management company for the Midtjysk Iværksætterfond (MIF), investing risk capital into innovative startups from Region Midtjylland, primarily those linked to regional knowledge institutions.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Regional / Country-Focused Multi-Manager Platforms (FSANAGAI)

Keywords

• Venture capital management
• Seed stage investing
• Startup fund management
• Early-stage investment
• Innovation fund

Headquarters

HQ city

Aarhus

HQ country

Denmark

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Management Fees: CAPNOVA serves as management company for Midtjysk Iværksætterfond and earns management fees for operating the fund. CAPNOVA A/S itself does not make investments but manages the fund's investment activities.

Go-to-market motion1 record

Marketing channels3 records

Core offering

CAPNOVA A/S operates as the management company (managementselskab) for Midtjysk Iværksætterfond (MIF), a Danish regional investment fund focused on innovative early-stage entrepreneur companies primarily from Region Midtjylland with ties to regional knowledge institutions. The company does not make its own investments on behalf of MIF; instead it manages the fund's investment activities, validates and syndicates investments with Business Angels and other investors, and retains independent direct investments in Resother Pharma and Clearview Trade.

Product overview

CAPNOVA A/S is a Danish management company that serves as the management entity for the Midtjysk Iværksætter Fond (MIF), an investment fund focused on innovative startup companies primarily in the Central Jutland Region of Denmark. The company was originally established in 1998 as Østjysk Innovation A/S as one of the state-approved innovation environments. CAPNOVA ceased investment operations in 2018 and completed its portfolio wind-down in 2023. Currently, CAPNOVA holds independent investments in ResoTher Pharma and Clearview Trade. The company does not offer products or services in the traditional sense, but rather manages investment activities and previously operated as an innovation environment for knowledge-based entrepreneurship.

Differentiator

Problem solved

Functional benefit

Products and services

• Midtjysk Iværksætterfond (MIF) Fund Management Management services for Midtjysk Iværksætterfond (MIF), an investment fund focused on innovative early-stage entrepreneur companies primarily from Region Midtjylland with ties to regional knowledge institutions. Services include investment screening, Business Angel validation, syndication with co-investors, and ongoing portfolio oversight on behalf of MIF. Target users are knowledge-intensive startup founders and Business Angel co-investors in Central Jutland, Denmark.
• Direct Equity Investments (Resother Pharma and Clearview Trade) Independent direct equity investments held by CAPNOVA A/S in selected companies including Resother Pharma (anti-inflammatory drugs for post-cardiac surgery patients) and Clearview Trade. These are minority equity positions managed alongside the firm's fund management activities for MIF.

Quantifiable outcome

• Invested in approximately 300 companies over 20 years as innovation environment
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Philips MedisizecoreOEM/ Whitelabel/ Licensing Partner · 23 September 2021CAPNOVA's portfolio company Subcuject ApS entered into a partnership with Philips Medisize for the production of Subcuject's innovative injection device. The device is patient-friendly, environmentally friendly, and cost-effective to produce. Philips Medisize is responsible for manufacturing the device.
• Kong Orange ApScoreStrategic or Co-development PartnerFelix the Reaper ApS developed the game 'Felix The Reaper' in collaboration with Kong Orange ApS. Kong Orange acts as the development partner for the game.
• DaedeliccoreChannel Partner/ Reseller/ DistributorFelix the Reaper was published by Daedelic Entertainment, a game publisher that handled distribution and publishing of the game across multiple platforms including PC, Mac, PS4, Switch, Xbox One, iPad and iPhone.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Vækstfonden (Danish Growth Fund): Danish state-backed growth and seed investor that co-invested with CAPNOVA in TeesuVac. Both share a state-linked origin and a mandate to fund innovative Danish companies, but Vækstfonden operates nationally across stages.
• Dansk Vækstkapital: Danish state-backed fund-of-funds investing through Danish and Nordic fund managers. Operates at one remove from CAPNOVA but is structurally comparable as a state-aligned capital allocator in Denmark.

Direct peers

• Seed Capital Denmark (now NASCENT): Denmark's largest seed-stage VC, originally established under a state-backed scheme structurally analogous to the innovation environments in which CAPNOVA was founded. Directly comparable in stage, geography, and public-policy roots.
• Borean Innovation: Danish seed/early-stage investor that operates with a similar entrepreneurial-company focus and Aarhus/Central Jutland footprint. Comparable in check size and stage to CAPNOVA's MIF.
• PreSeed Ventures: Danish pre-seed/seed fund also stemming from public innovation policy roots, investing in knowledge-based Danish startups. Closely comparable in stage and origination model to CAPNOVA.
• Keystones Growth: Danish growth equity firm focused on ambitious Danish SMEs and scale-ups, overlapping with CAPNOVA's regional Danish portfolio construction mandate.

Regional players

• Erhvervshus Midtjylland: Regional business development center for Central Jutland that publicly hosts information about MIF and the regional innovation ecosystem. Overlaps with CAPNOVA in mandate and geography.
• NorthCap (formerly 2MP): Nordic-focused growth and venture investor with Danish roots and Central Jutland exposure. Comparable in serving Danish entrepreneurs but at later stages and broader Nordic scope.
• Norwegian Innovation Clusters / Siva (Norway): Norwegian state-owned innovation infrastructure investor supporting regional incubators and seed programs. Comparable international analogue to CAPNOVA's earlier state innovation environment role.
• Almi (Sweden): Swedish state-owned company providing early-stage capital and business development to innovative startups. Closest cross-Nordic structural analogue to CAPNOVA's original innovation-environment function.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/5015700
• Xx.com/CAPNOVAdk

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments24 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CAPNOVA